Payment Terms

Standard Payment Terms for aibl

These Standard Payment Terms (the “Terms”) govern the invoicing, payment, and financial obligations between aibl (“we,” “us,” or “our”) and our clients (“you” or “your”) in relation to the provision of event-based services. By signing a contract, booking an event, or otherwise engaging our services, you agree to be bound by these Terms. 

1. Payment Schedule and Milestones

Our standard payment structure is designed to secure your booking and ensure the successful delivery of your event. All fees agreed upon in your contract or statement of work are payable in two equal instalments:

Initial Deposit (50%): A non-refundable deposit equal to fifty percent (50%) of the total contract value is due immediately upon the signature and return of the contract. We will not commence work, secure dates, or confirm your booking until this initial payment has been received in full in cleared funds.

Final Balance (50%): The remaining fifty percent (50%) of the total contract value is payable no later than thirty (30) days prior to the scheduled date of the event. If a booking is made within thirty (30) days of the event date, the full one hundred percent (100%) of the contract value is due immediately upon signature.

2. Invoicing and Methods of Payment

We will issue invoices for each payment milestone electronically to the primary billing contact specified in your contract. It is your responsibility to ensure that all billing information, including purchase order (PO) numbers if required by your organisation, is provided to us at the time of signing. 

All payments must be made in the currency specified on the invoice via electronic bank transfer to the bank account details provided on our invoices. We do not accept payment by cheque. Any bank charges, transfer fees, or currency conversion costs incurred during the payment process are your sole responsibility and must not be deducted from the invoiced amount.

3. Late Payments and Statutory Interest

Timely payment is a material condition of our contract. If you fail to make any payment due to us by the specified due date, we reserve the right to charge interest on the overdue amount. 

In accordance with the Late Payment of Commercial Debts (Interest) Act 1998, interest will accrue on a daily basis from the due date until the date of actual payment of the overdue amount, whether before or after judgment. The interest rate applied will be eight percent (8%) above the Bank of England’s base rate from time to time. Furthermore, we reserve the right to claim fixed sum debt recovery costs as permitted under the legislation.

4. Suspension and Cancellation for Non-Payment

If the final balance (due thirty days prior to the event) is not received on time, we reserve the right to suspend all preparations and withhold the delivery of services. 

Should payment remain outstanding after we have issued a written notice of default, we may cancel your booking entirely. In the event of cancellation due to non-payment, the initial fifty percent (50%) deposit remains non-refundable, and you will remain liable for any additional costs or third-party commitments we have incurred on your behalf up to the date of cancellation.

5. Disputes and Set-Off

If you dispute any portion of an invoice in good faith, you must notify us in writing within seven (7) days of the invoice date, clearly detailing the nature of the dispute. You must still pay the undisputed portion of the invoice by the original due date. 

All amounts due under these Terms must be paid in full without any set-off, counterclaim, deduction, or withholding (other than any deduction or withholding of tax as required by law).

6. Taxes and VAT

Unless explicitly stated otherwise in your contract, all fees and charges quoted by aibl are exclusive of Value Added Tax (VAT) or any other applicable sales taxes. Where applicable, VAT will be added to our invoices at the prevailing statutory rate and is payable by you in addition to the base fees.